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August 5, 2010

Citi puts Egg up for sale

Citigroup has put one of its card units, the UK based Egg, up for sale according to a Financial Times report. Citing people close to the situation, the newspaper said Citi had been holding informal talks with buyers over Egg for some time and it was now preparing to start an auction for the business, most likely after the summer. Citigroup split into two parts in January 2009 after reporting a quarterly loss of $8.3 billion and receiving a large chunk of the conroversial U.S

By Verdict Staff

Citigroup has put one of its card units, the UK based Egg, up for sale according to a Financial Times report.

Citing people close to the situation, the newspaper said Citi had been holding informal talks with buyers over Egg for some time and it was now preparing to start an auction for the business, most likely after the summer.

Citigroup split into two parts in January 2009 after reporting a quarterly loss of $8.3 billion and receiving a large chunk of the controversial US government bailout.

Citicorp handles the firm’s traditional banking work, while Citi Holdings – which makes up less than a quarter of the group’s balance sheet – includes toxic assets and non-core businesses.

According to Reuters, Egg has around 2 million customers.

, Financial Times

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